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Is an Unusual Trend Developing in Chicago Luxury Home Sales?

Looking at last month’s sales number for homes sold on the Chicago real estate market, there’s an interesting shift in the properties that closed.

With 56 luxury homes (those priced over $1 million) sold, 93% of them were sold for under $2 million—only 4 sales surpassed the $2 million mark. In recent months we’ve seen the top home sales be far upward of that price point, so this is an intriguing point to note.

There are a few potential explanations: It could be that homes priced over $2 million are more difficult to sell, given that banks are continuing to be selecting in handing out loans to upper-end buyers. There may not be as many cash buyers around as we see in the beginning of the year. And concern about rising interest rates could also be a factor for potential buyers in the luxury market.

But whatever the reason, it’s clear that the $1 million – $2 million range was a hot one for Chicago real estate sales in July. Even with that change in price points, the sales volume of luxury homes still totaled $79 million for the month.

As far as more regular trends go, oversized lots continue to be sought after on the luxury market. Four out of 5 of the most expensive home sales were found on lots that are larger than the standard 25 x 125 feet.

Here’s a closer look at the top five sales in July, including those top 4 for $2 million-plus and the top under $2 million sale in Chicago:

2715 N Lakewood AveOriginal list price: $3.85 millionSold price: $3.86 million
A custom single-family property on a double lot, this Chicago home was just built and gave the buyer a chance to pick some of the interior finishes. The home is located on a new block with all new construction and a new park, making it ideal for a family. Spanning 7,900 square feet, four of the home’s six bedrooms are on the second level, including a huge master suite, with two bedrooms on the lower level with a rec room and wine cellar. Other features include a library, massive chef’s kitchen, family room with vaulted ceiling, rear terrace, a huge yard and attached 3-car garage.

17 E GoetheOriginal list price: $3.5 millionSold price: $3.425 million
Sold even before the listing sheet was printed, this exquisite, 1880 semi-detached brownstone on an extra-deep lot was is comprised of 6,000 square feet, five bedrooms, 2 studies, and a 2-car attached garage. Having undergone a gut remodel only 10 years ago, the home features all new systems and interior finishes (such as stainless steel, marble and birch in the professional kitchen), new copper trim, all oak floors, a wood burning fireplaces and new master suite. With north, south and west exposures, this home is flooded with natural light.

1729 W Wolfram StOriginal list price: $2.449 millionSold price: $2.2 million
This newer (built in 2004) home is elegant, refined perfection that takes luxury living to a new level. The professionally designed interior features integrated smart home technology, six perfectly appointed bedrooms, 4 luxury baths, 3 powder rooms, a home theater and outdoor entertainment center. The home sprawls 6,850 square feet, with cathedral ceilings, a skylight and 3 outdoor decks.

1325 W Melrose AveOriginal list price: $1,999,500Sold price: $1.984,500
In the sought-after Southport Corridor, this gorgeous brick and limestone home was built in 2005 on an extra-wide lot and specified to an R4 zoning standard—meaning it’s taller and wider than other newer homes in the area. Inside, the expansive interior is lined with rich wainscoting, and a beautiful layout puts three bedrooms on the second floor and a full third floor with office/bedroom, library and access to outdoor decks. A professional kitchen is also fitted with appliances from Wolf, Sub-Zero and Bosch.

I will continue to keep an eye on this potential trend to see if last month’s sales were simply an anomaly or a sign that luxury real estate sales are undergoing a change. July especially can be a tricky month, with the heart of summer and family vacations in full swing. Be sure to check back next month to see how this develops.

For photos or additional details on last month’s Chicago home sales or to see what’s on the market now, give me a call at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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ABOUT SHELDON

Sheldon arrived at Dream Town with more than 25 successful years in Chicago real estate. With a focus on luxury properties, Sheldon has sold condominiums, lofts and single family homes ranging from $1 to $5 million, many built by Chicago’s most prestigious developers and architects ... Read more